Analysis on stakeholders' rights symmetry and risk formation of SMEs innovation — Based on the principal-agent theory

Small and medium-sized enterprises (SMEs) are the most active component in our country's national economy, whose status, role and achievements have been universally recognized. However, technology innovation is a high-risk economic activity, whose innovation risk is also an important factor of affecting the sustainable development of SMEs. How to respond to the influence of technology innovation risk on SMEs is still an unsolved problem. This article introduces the stakeholder theory and constructs a mathematical model based on the principal- agent theory, discusses the distribution of stakeholders' rights and risk formation mechanism of SMEs technology innovation. The results show that SMEs and their stakeholders have asymmetric information, and should respect stakeholders' property right and conduct incentive compatible right contract design, thereby promote the rights distribution between SMEs and stakeholders to the maximum and optimal in order to help SMEs optimize technology innovation mechanism.